Question

Please post to: General Journal, General Ledger, Trail Balance, Income statement, Statement of Owners Equity, Balance Sheet, and Post Closing. THANK YOU!!! :)

On April 1, Sharon Lewis created a new travel agency, Lewis Travel. The following transactions occurred during the company's first month. Apr. 1 Lewis invested $39,000 cash and computer equipment worth $19, 200 in the company. Apr. 2 The company rented furnished office space by paying $2,300 cash for the first month's (April) rent. Apr. 3 The company purchased $2,400 of office supplies for cash. Apr. 10 The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,680 cash for two weeks' salaries earned by employees. Apr. 24 The company collected $18,000 cash for commissions earned. Apr. 28 The company paid $1,680 cash for two weeks' salaries earned by employees. Apr. 29 The company paid $800 cash for minor repairs to the company's computer. Apr. 30 The company paid $750 cash for this month's telephone bill. Apr. 30 Lewis withdrew $1,800 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $120 has expired this month. b. At the end of the month, $700 of office supplies are still available. C. This month's depreciation on the computer equipment is $320. d. Employees earned $672 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,760 of commissions that are not yet billed at month-end.

Answer 1

Journal Entries Account Title and Explaination Post Date Debit Credit Ref. Cash $ Apr.1 39,000.00 Computer Equipment $ 19,200.00 Lewis, Capital $ 58,200.00 (To record cash and computer equipment invested into business) Rent Expense Apr.2 $ 2,300.00 Cash $ 2,300.00 (To record payment of rent expense) Office Supplies Aprг.3 $ 2,400.00 Cash $ 2,400.00 (To record office supplies purchased) Prepaid Insurance Apr. 10 2,160.00 Cash 2,160.00 |(To record payтеnt of 12 months insurance pрremium) A

Apr.14 Salaries Expense $ 1,680.00 $ Cash 1,680.00 |(To record salaries expenses paid) Apr.24 Cash 18,000.00 Commission Earned $ 18,000.00 |(To record coтmission earned) Apr.28 Salaries Expense 1,680.00 Cash 1,680.00 (To record payment of salaries and wages) Apr.29 Repairs Expense - Computer 800.00 $ Cash $ 800.00 (To record comтрuter repairs ехpenses paid) Apr.30 Telephone Expenses $ 750.00 Cash 750.00 (To record payment of telephone expenses) Apr.30 Lewis, Withdrawals 1,800.00 Cash $ 1,800.00 (To record cash withdrawn for personal use)

Adjusting Entries Insurance Expense 120.00 а Prepaid Insurance $ 120.00 (To record expired portion of prepaid insurance) Office Supplies Expense ($2400-$700) Office Supplies (To record office Supplies Expense) b 1,700.00 1,700.00 Depreciation Expense Accumulated Depreciation - Computer Equipment (To record Depreciation Expense) $ 320.00 C 320.00 Salaries Expense d 672.00 Salaries Payable |(To record accrued salaries expense)) 672.00 Accounts Receivable 1,760.00 е Commission Earned 1,760.00 |(To record accrued commission fee) A